Risk management is most important topic in investments. Risk is said to be an uncertainty that could happen in the future. In the vision of investors risk should be minimum and return should be maximum. Risk is not same in a same investment over a period. To avoid that managing risk is a essential thing to be done. Risk varies with respect to various factors. This research aims to study about relationship between stock index, gold and volatility index. And to find the risk of the stock index and gold with respect to volatility index. This research considers Stock and gold which could be easily bought and sold. Stocks are the Emerging investments after covid, and Gold is most popular investments among people. This research is to study the risk of various sectorial index in NSE like (Nifty 50, Nifty IT, Nifty Metal and Nifty Bank) and to study the impact of inflation and Volatility in the sectorial index and to say which sectorial index will have low risk with respect to inflation and volatility.